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On June 14, 2011, Rep. Zoe Lofgren
(D-CA) introduced the Immigration Driving Entrepreneurship in America (IDEA) Act
of 2011, which aims to promote innovation,
research and job growth in the U.S.

The legislation would help American
companies attract and retain highly-skilled foreign graduates in science, technology,
engineering and math (STEM) fields by streamlining the process for securing
green cards and visas. It also aims to
attract new businesses and promote job growth by awarding green cards to
immigrant entrepreneurs with venture funding who launch their startups in the
U.S. Finally, the bill would help
prepare American students for jobs in new technologies by investing in
improvements to STEM education in the U.S.

Rep. Lofgren stated, "It makes no sense
for us to educate the world's brightest students and then ship them back to
their home countries to compete against us. My bill would allow some of the
world's sharpest minds to stay in the United States and help us grow our
economy."

The legislation is supported by 14 Democratic
co-sponsors. House Republicans have also
included immigration reform in their 2011 Technology Agenda,
which was released on June 2, 2011.
House Republican Technology Working Group Chair Bob Goodlatte (R-VA) has
said that he is currently working on a bill.
On the other side of Capitol Hill, Senators Kerry and Leahy introduced
separate bills in March aimed at securing visas for foreign entrepreneurs and
investors.

SVB Financial Group believes that the
bill would have a significant impact on job creation. Foreign talent plays a critical role in driving
our nation's economy, especially in the high tech sector. More than half of the startups in Silicon
Valley were founded or co-founded by immigrants, along with more than half of
the employment generated by U.S. venture-backed high-tech companies. It is more important than ever that we retain
highly-skilled graduates and entrepreneurs, and that we attract the next
generation of foreign talent.

While U.S. corporations currently lead
the world in innovation, our ability to compete abroad is under increasing
threat. The United States is engaged in
a global competition for talent that did not exist 10-15 years ago. Our trade rivals — including India and China —
recruit on the campuses of our universities, offering attractive opportunities
to an international pool of talent that now extends even beyond their own
returning citizens.

If we lose our current foreign talent
or discourage new talent from staying, we may well miss the opportunity to be
home to the next Google, Intel, or Yahoo, and we will lose the economic
vitality and job creation that those companies — to name just a few — have
stimulated.

On June 14, 2011, Rep. Zoe Lofgren(D-CA) introduced the Immigration Driving Entrepreneurship in America (IDEA) Actof 2011, which aims to promote innovation,research and job growth in the U.S.

The legislation would help Americancompanies attract and retain highly-skilled foreign graduates in science, technology,engineering and math (STEM) fields by streamlining the process for securinggreen cards and visas. It also aims toattract new businesses and promote job growth by awarding green cards toimmigrant entrepreneurs with venture funding who launch their startups in theU.S. Finally, the bill would helpprepare American students for jobs in new technologies by investing inimprovements to STEM education in the U.S.

Rep. Lofgren stated, "It makes no sensefor us to educate the world's brightest students and then ship them back totheir home countries to compete against us. My bill would allow some of theworld's sharpest minds to stay in the United States and help us grow oureconomy."

The legislation is supported by 14 Democraticco-sponsors. House Republicans have alsoincluded immigration reform in their 2011 Technology Agenda,which was released on June 2, 2011.House Republican Technology Working Group Chair Bob Goodlatte (R-VA) hassaid that he is currently working on a bill.On the other side of Capitol Hill, Senators Kerry and Leahy introducedseparate bills in March aimed at securing visas for foreign entrepreneurs andinvestors.

SVB Financial Group believes that thebill would have a significant impact on job creation. Foreign talent plays a critical role in drivingour nation's economy, especially in the high tech sector. More than half of the startups in SiliconValley were founded or co-founded by immigrants, along with more than half ofthe employment generated by U.S. venture-backed high-tech companies. It is more important than ever that we retainhighly-skilled graduates and entrepreneurs, and that we attract the nextgeneration of foreign talent.

While U.S. corporations currently leadthe world in innovation, our ability to compete abroad is under increasingthreat. The United States is engaged ina global competition...Read More

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Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group, a Delaware corporation and is an affiliate of SVB Financial Group UK Limited. SVB Financial Group UK Ltd is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. 5572575 and is authorised and regulated by the Financial Conduct Authority, with reference number 446159. SVB Financial Group and its subsidiary Silicon Valley Bank are members of the Federal Reserve System and Silicon Valley Bank is a member of the FDIC.